…the Banking (+3.0%), and Insurance (+2.2%) indices advanced, while the Consumer Goods (-0.3%) and Oil & Gas (-0.1%) indices declined. The Industrial Goods index closed flat
…Month-to-Date and Year-to-Date returns increased to +2.1% and +31.8%, respectively, and market capitalization rose by N104.57 billion to N56.64 trillion
TUE SEPT 24 2024-theGBJournal| Nigerian equities market climbed again on Tuesday as investors shook off latest interest rate hike by the Central Bank of Nigeria (CBN) thanks to gains in Tier-1 banking stocks.
The benchmark index, the All-Share Index (ASI) rose moderately by 0.2% to close at 98,568.59 points, as Tier-1 banking tickers, GTCO (+0.11%), ZENITHBANK (+0.27%) and FBNH (+9.93%) drove the overall market’s performance.
Their gains outweighed losses in OANDO (-10.00%), DANGSUGAR (-3.38%) and OKOMUOIL (-9.98%).
The Month-to-Date and Year-to-Date returns increased to +2.1% and +31.8%, respectively, and market capitalization rose by N104.57 billion to N56.64 trillion.
The total volume of trades declined by 5.9% to 763.00 million units, valued at N11.78 billion, and exchanged in 12,081 deals. FIDELITYBK was the most traded stock by volume and value at 126.09 million units and N2.01 billion, respectively.
On sectors, the Banking (+3.0%), and Insurance (+2.2%) indices advanced, while the Consumer Goods (-0.3%) and Oil & Gas (-0.1%) indices declined. The Industrial Goods index closed flat.
The CBN hiked the Monetary Policy Rate (MPR) by 50bps to 27.25% following the Monetary Committee’s two-day meeting in Abuja.
Despite the hike, market sentiment stayed positive (1.7x), as 35 tickers gained relative to 21 losers.
NIDF (+9.9%) and FBNH (+9.9%) recorded the highest gains of the day, while OANDO (-10.0%) and OKOMUOIL (-10.0%) topped the losers’ list.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
